Fees from advising on transactions and for debt and equity issuance in the first three months of 2021 have dropped to the lowest level in seven years, with businesses hunkering down in a weak economy refrain from pursuing large M&A deals.

According to a report released on Monday by Refinitiv, one of the world’s biggest providers of financial markets data and trading terminals, the first quarter of the year shows that investment banking fees dropped to $99m in Sub-Saharan Africa, 39% lower than a year ago, and the lowest level since 2014. ..

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